Resale Property in Turkey
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Resale Property in Turkey
Selling your property in Turkey in the coming yearsPrices of property in Turkey are still very low however as the market continues to unfold and as Turkey comes closer and closer to joining the European Union, and with the growing economy and booming tourism sectors, prices are sure to continue to rise dramatically. Estimates are for Turkey to join the European Union around 2015, therefore the potential for growth is considerable.
We will provide you with information relevant to the projections for Turkish economy and tourism, which relate directly to the increase in demand for residential and touristic property. Your ability to resale or rent your property in the interim relates directly to a strong and growing economic and tourist sectors.
Tourism
The number of tourists visiting Turkey in 2006 was over 19 million visitors, just under the goal of the government - 20 million. In 2004, Turkey showed an increase in tourist arrivals with regards to the year before of 24% and in 2005 a further increase of 21%, which placed it 9th in the world with regards to tourist arrivals. This also places it as the fourth most important destination in the Mediterranean region and sixth in Europe. The average increase for Europe in terms of arrivals was around 4%.
The Turkish Republic Ministry of Culture and Tourism has prepared and presented the “Tourism Strategy of Turkey 2023 and action plan for 2013” which has subsequently been approved by the high (supreme) Planning Comission. This tourism strategy outlines in detail the goals of Tourism in Turkey along with the steps needed to reach this goal by the country as a whole. One of the main features of the strategy is to focus on using a wider pool of tourism resources, from the natural, cultural, historical and geographical assets which the country possesses.
The ultimate goal of the T.S.T. 2023 and AP 2013 is to become a leading brand in tourism and a leading destination worldwide. In 2023, Turkey is to become amongst the top five countries with regards to tourist visitors and tourist revenue.
The strategy is not only focused on new tourist areas which will be created but also in supporting and establishing existing tourism areas and implementing the infrastructures which these location lack. In some areas where there has been a major investment in developing mass tourism developments, there can be a lack of residential units and urban development in back-shore and adjacent areas which is addressed by the strategy.
The strategy envisages the diversification of the tourism product by developing and nurturing several other tourist options such as Thermal Spa’s, Ecotourism, plateau and agricultural tourism, etc. By diversifying into these alternative tourism products, Turkey aims to extend the tourism season and attract an alternative visitor to the country rather than merely the traditional sun & sand tourist.
Turkey submitted a formal application to join the European Union in 1987, was recognized as a potential candidate in 1999 and negotiations started in 2005, with estimates that the process will take around a decade to complete.
Economy
Since 2001, the Turkish economy has seen extremely healthy annual growth, with an average of 8% during 2002-2004 and inflation down to single digits in 2004 for the first time in the last 35 years.
Turkey is in the top ten countries in the world with regards to agricultural production output, and is currently the largest producer in the world of hazelnuts, figs, apricots, cherries, quinces and pomegranates as well as second and third largest in a number of other produces.
In early 2007 Turkey adopted its first ever Mortgage Law, making homes available to a totally new breed of buyers and further assisting growth. Shopping centers are considered good investments and up to 200 may be built over the next five years throughout the country.
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